Industries: Metals & Mining – Second
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Industries: Metals & Mining – Second

Carlos de Alba & team Morgan Stanley


New York–based Carlos de Alba’s Morgan Stanley threesome claims second place for a third year running. In February the researchers foresaw falling steel prices and downgraded Brazilian steel producer Usinas Siderúrgicas de Minas Gerais from equal weight to underweight, at 11.93 reais, judging the company overstaffed and too sluggish to turn around. Usiminas’ shares tumbled 46.9 percent, to 6.34 reais, and trailed the sector by 36.6 percentage points, through mid-July. “Their sell was timely and accurate,” marvels one booster. The analysts, who cover 14 companies, expect steel prices to continue to decline and advise caution. — Ben Mattlin


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